---
title: Weekly Consumer News Roundup // April 16, 2024
description: This week, Lego's adult fan base is now big business for the world's largest toy maker, Tesla plans to lay off more than 10% of workforce, and more.
image: https://www.modernretail.co/wp-content/uploads/sites/5/2023/11/MR-cans.jpg?w=1030&h=600&crop=1
---
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# Weekly Consumer News Roundup // April 16, 2024
By [TRAUB](https://blog.traub.io/blog/author/traub) On April 16, 2024
[](https://blog.traub.io/blog/linkedin.com/company/traub-consulting) [](https://www.linkedin.com/company/traub-consulting/) [](mailto:info@traub.io)
This week, Lego's adult fan base is now big business for the world's largest toy maker, Tesla plans to lay off more than 10% of workforce, and more.
---
**WORDS FOR THE WEEK**
For more inspiration, visit @dailystoic and @dailyphilosopher on Instagram.
**M&A and INVESTMENTS**
- **TGI Fridays** enters **$220M** agreement to combine with largest UK franchisee [Restaurant Dive](https://www.restaurantdive.com/news/tgi-fridays-hostmore-business-combination-merger-transaction/713311/)
- Sean Combs Sold Share of Tequila Brand **DeLeón** for $200 Million [NYT](https://www.nytimes.com/2024/04/12/arts/music/diddy-sean-combs-deleon-sale.html)
- Billy Reid to Acquire Knot Standard [WWD](https://wwd.com/business-news/mergers-acquisitions/billy-reid-acquire-knot-standard-made-to-measure-1236285941/)
- Esprit in Talks With Private-Equity Firm for Potential Investments [WSJ](https://wsj.com/business/retail/esprit-in-talks-with-private-equity-firm-for-potential-investments-8c4244f3?mod=business_feat6_retail_pos3)
- Story3 invests in luxury ecommerce platform Saks.com [Fashion United](https://fashionunited.com/executive/report/story3-invests-in-luxury-ecommerce-platform-saks-com/2024041559410)
- McCain Foods acquires Strong Roots [Food Business News](https://www.foodbusinessnews.net/articles/25901-mccain-foods-acquires-strong-roots)
## **CULTURE/GOODREADS**
- Why Mergers Might Be the Next Wave of DTC Exits [BoF](https://www.businessoffashion.com/articles/direct-to-consumer/why-knot-standard-and-billy-reid-are-merging/)
- ‘Brandy Hellville’: The Allegations Against the Cult Gen-Z Fashion Brand [Rolling Stone](https://www.rollingstone.com/culture/culture-news/brandy-hellville-documentary-allegations-bombshells-hbo-max-1235004131/)
- Inside Amazon’s Push to Crack Trader Joe’s—and Dominate Everything [WSJ](https://www.wsj.com/business/retail/amazon-the-everything-war-dana-mattioli-4966915d?mod=business_feat6_retail_pos5)
## **INDUSTRY NEWS**
**CPG**
‘People aren’t going to the grocery store for novelty’: Amid inflation, CPG startups go back to basics
CPG brands are getting back to the basics by developing simple products with well-known ingredients. [Modern Retail](https://www.modernretail.co/operations/people-arent-going-to-the-grocery-store-for-novelty-amid-inflation-cpg-startups-go-back-to-basics/#:~:text=These%20days%2C%20CPG%20startups%20are,focused%20on%20newness%20and%20innovation)
$850 Millennium Falcons and $680 Titanics: Grown-Ups Are Now a Gold Mine for Lego
Adult fans of Lego, known as AFOLs, are now big business for the world’s largest toy maker.[WSJ](https://www.wsj.com/business/retail/850-millennium-falcons-and-680-titanics-grown-ups-are-now-a-gold-mine-for-lego-73f265cf)
Fly by Jing lowers prices as it expands into over 2K Walmart stores
The price reductions come as consumers feel the pressure of inflation, especially in the grocery category. [Retail Dive](https://www.retaildive.com/news/fly-by-jing-lowers-prices-expands-walmart-stores/713159/)
Cool Comes to the Humble Produce Aisle
Fruits and vegetables are the latest section of the supermarket to get a branding push as investors and marketers target the agriculture industry. [WSJ](https://www.wsj.com/articles/cool-comes-to-the-humble-produce-aisle-16831247?mod=business_feat3_media_pos1)
**RETAIL**
How Hudson Yards Defied Its Haters and Became New York’s Top Mall
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn’t help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists. [BoF](https://www.businessoffashion.com/articles/retail/inside-the-unlikely-success-of-hudson-yards/)
7-Eleven Owner Weighs IPO of Superstore Business
The Japanese owner of 7-Eleven, Seven & i Holdings, is considering listing its superstore business as part of efforts to focus on its convenience-store segment. [WSJ](https://www.wsj.com/business/retail/seven-i-weighs-ipo-of-superstore-business-6a94b68c?mod=business_feat6_retail_pos2)
How American malls survived the slow death of department stores
Top-tier malls, known as Class A malls, are pivoting toward an experiential model, replacing department stores with grocery stores, casinos, gyms, ice skating rinks and, in some cases, even residential apartments. [CNBC](https://www.cnbc.com/2024/04/14/how-american-malls-survived-the-slow-death-of-department-stores.html)
US Retail Sales Top Forecasts as Consumers Keep Fueling Growth
US retail sales rose by more than forecast in March and the prior month was revised higher, showcasing resilient consumer demand that keeps fueling a surprisingly strong economy. [Bloomberg](https://www.bloomberg.com/news/articles/2024-04-15/us-retail-sales-exceed-forecast-and-prior-month-revised-higher)
How Adidas Sambas Took Over the World
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years. [BoF](https://www.businessoffashion.com/articles/retail/how-adidas-sambas-took-over-the-world/)
**MEDIA & TECH**
How YouTube Shopping is upping its social commerce competition with TikTok
YouTube’s parent company Alphabet sees creators and their affiliates as a way to stay competitive in the social commerce ever-changing landscape. [Modern Retail](https://www.modernretail.co/technology/how-youtube-shopping-is-upping-its-social-commerce-competition-with-tiktok/)
Tesla Plans to Lay Off More Than 10% of Workforce
World’s most valuable automaker also sees two of Elon Musk’s top deputies depart. [WSJ](https://www.wsj.com/tech/tesla-layoffs-elon-musk-email-29388d4e)
Netflix’s New Film Strategy: More About the Audience, Less About Auteurs
Dan Lin, the streaming service’s new film chief, wants to produce a more varied slate of movies to better appeal to the array of interests among subscribers. [NYT](https://www.nytimes.com/2024/04/14/business/media/netflix-movies-dan-lin.html)
Peloton quietly drops unlimited free app membership
The fitness company, known for its Bike and Tread, offered the free-membership tier to bring in new customers but too few of them were converting into paid users. [CNBC](https://www.cnbc.com/2024/04/15/peloton-removes-free-app-membership.html)
[](https://techcrunch.com/2024/04/16/amazon-brings-its-amazon-live-shoppable-video-to-prime-video-and-freevee/)
Amazon brings its ‘Amazon Live’ shoppable livestreams to Prime Video and Freevee
Previously only available as a feature on desktop, mobile, and Fire TV, the new live channel will give customers in the U.S. more ways to engage with interactive, shoppable content. [TechCrunch](https://techcrunch.com/2024/04/16/amazon-brings-its-amazon-live-shoppable-video-to-prime-video-and-freevee/)
**RESTAURANTS & HOSPITALITY**
Muji Bets Its Minimalist Retail Will Work for Homes, Hotels
Known for simple, monotone stationery, apparel and home goods, the Japanese retailer is betting that there’s just as much demand for no-frills homes and hotels, with plans to ramp up the number of Muji-style accommodations, both domestically and abroad. [Bloomberg](https://www.bloomberg.com/news/articles/2024-04-11/japan-s-muji-bets-minimalist-retail-will-work-for-homes-hotels)
Ghost Kitchens Are Disappearing, Squeezed by Demand and Complaints
Delivery-only operations boomed during the pandemic. Now Wendy’s, Kroger’s and mom-and-pop food businesses are rethinking their operations. [NYT](https://www.nytimes.com/2024/04/12/business/ghost-kitchens-restaurants-pandemic.html)
Starbucks jumps into "swicy" TikTok trend with new drinks
The coffee giant is making a play for Gen Z and millennial consumers who have been embracing the growing sweet-heat fad. [Axios](https://www.axios.com/2024/04/15/starbucks-spicy-refreshers-lemonade-cold-foam)
COMINGS & GOINGS
- Jessica Alba to Step Down as Chief Creative Officer of The Honest Co. [WWD](https://wwd.com/beauty-industry-news/beauty-features/jessica-alba-step-down-chief-creative-officer-honest-co-1236307159/)
- Havaianas poaches Nike exec for European CEO role [TheIndustry.fashion](https://www.theindustry.fashion/havaianas-poaches-nike-exec-for-european-ceo-role/)
- Gucci Adds a Communications Guru as Deputy CEO [WWD](https://wwd.com/fashion-news/designer-luxury/gucci-stefano-cantino-vuitton-deputy-ceo-1236291458/)
- Salomon President and CEO Franco Fogliato Steps Down [BoF](https://www.businessoffashion.com/news/retail/salomon-president-and-ceo-franco-fogliato-steps-down/)
- Levi’s taps Burberry veteran as Chief Commercial Officer [Retail Dive](https://www.retaildive.com/news/levis-burberry-veteran-lead-dtc-push/713046/)
- Balmain has tapped Givenchy executive Matteo Sgarbossa as next CEO [WWD](https://wwd.com/fashion-news/designer-luxury/balmain-new-ceo-givenchy-rousteing-1236307372/)
- Xia Ding Named Sephora Greater China Managing Director [Yahoo](https://finance.yahoo.com/news/former-jd-com-fashion-executive-134743482.html)
- **Ulla Johnson** Taps New CEO, Thibaut Perrin-Faivre, Former President of Burberry Americas [WWD](https://wwd.com/fashion-news/designer-luxury/ulla-johnson-ceo-tribault-perrin-faivre-burberry-americas-interview-1236309958/)
- Terence Reilly Is Back at Crocs as the New President of Hey Dude [Footwear News](https://footwearnews.com/business/executive-moves/crocs-inc-terence-reilly-president-hey-dude-1203614405/)
- L’Oréal USA Names Silvia Galfo President of Luxe Division [WWD](https://wwd.com/beauty-industry-news/beauty-features/loreal-luxe-silvia-galfo-president-1236314837/#recipient_hashed=9cf9afac0461e3d68d6beade81273a9f68029f9c0072ddad3f22c2d55d98bf9a&recipient_salt=c146545778a13bb4470f25002d090f0db84ee16544e47d8b641af88764771819)
- Ije Nwokorie to succeed Kenny Wilson as **Dr Martens** CEO [Fortune](https://fortune.com/europe/2024/04/16/dr-martens-appoints-former-apple-senior-director-ije-nwokorie-as-ceo-amid-bleak-earnings-kenny-wilson/)
- Planet Fitness Taps Colleen Keating as New CEO [WSJ](https://www.wsj.com/business/c-suite/planet-fitness-taps-colleen-keating-as-new-ceo-ca37dce3?mod=business_lead_pos3)
- Barry Diller taps media vets to run The Daily Beast [Axios](https://www.axios.com/2024/04/15/daily-beast-hires-ceo-cco?utm_medium=social&utm_campaign=editorial&utm_source=linkedin)
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